---
title: "Nomura cuts Miniso's US stock target price to $25, maintaining a \"Buy\" rating"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/281294288.md"
description: "Nomura has lowered the target price for Miniso's U.S. stock to $25, maintaining a \"Buy\" rating. The firm pointed out that Miniso's performance in the fourth quarter of last year exceeded expectations, with a 26% increase in annual revenue. Despite the recovery in sales momentum, Miniso still needs to continue investing in store renovations, and operating profit margins are under pressure. Revenue forecasts for the fiscal years 2026 to 2027 have been slightly raised by about 1%, but adjusted net profit forecasts have been lowered by about 7%"
datetime: "2026-04-01T03:13:00.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/281294288.md)
  - [en](https://longbridge.com/en/news/281294288.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/281294288.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/281294288.md) | [繁體中文](https://longbridge.com/zh-HK/news/281294288.md)


# Nomura cuts Miniso's US stock target price to $25, maintaining a "Buy" rating

According to a report from Nomura on the 1st, Miniso (09896) performed better than expected in the fourth quarter of last year due to accelerated sales momentum. The annual revenue grew by 26% year-on-year, which is generally in line with the figures previously announced by the company; meanwhile, the same-store sales growth in the core markets of China and the United States in the fourth quarter of last year exceeded expectations.

Nomura believes that the recovery of Miniso's sales momentum is mainly attributed to the company's more focused IP efforts, including adjustments to store formats and a more proactive launch of trendy products; unlike Pop Mart (09992), the firm believes that Miniso's IP strategy may be more opportunistic and performance-oriented. They also believe that self-operated IP, diversified store formats, and localization will continue to be the three key areas for Miniso this year. On the other hand, the firm believes that Miniso will still need to continue investing in store renovation costs this year, and operating profit margins will continue to face pressure.

Nomura maintains a "Buy" rating on Miniso's U.S. stock, with the target price lowered from $25.5 to $25. The firm also slightly raised its revenue forecast for Miniso for the fiscal years 2026 to 2027 by about 1%, but due to a more conservative outlook on its operating profit margins, it has lowered the adjusted net profit forecast by about 7%. (jl)

\\\* Editor's Note: This article is for reference only and does not constitute an offer, solicitation, invitation, inducement, or any representation or establishment of any proposal and recommendation of any kind or form. Readers are advised to use their independent thinking ability to make their own investment decisions. Any losses incurred due to related advice are unrelated to the Economic Information Agency, the editor, and the author

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